Chartered Appariser
Role of Appariser
The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property—providing assistance to those who own, manage, sell, invest in, and/or lend money on the security of real estate.
Real estate is expensive and changes hands much less frequently than most commodities. For this reason, the market value of any particular property is often difficult to determine. The role of a real estate appraiser is to help their clients to systematically determine the market value of a property, which is one of the first steps in any real estate transaction whether you are a buyer, seller, lender, or other interested party. Here are some further details about the role of a real estate appraiser.
What exactly does a real estate appraiser do?
They typically value one property at a time, and they often specialize in a certain type of real estate, like commercial or residential. Real estate appraisers typically do the following: … Use “comparables,” or similar nearby properties, to help determine value. Prepare written reports on the property value .
Appraisers perform some or all of the following duties
- Appraise value of property, building, industrial and commercial machinery and equipment and personal and household items.
- Prepare appraisal reports for lending agencies, insurance companies, government departments, courts, attorneys, creditors, buyers or auctioneers.
An appraiser's estimate is broadly relevant
After determining the value of a property, an appraiser provides you with a written report, which is then used as the basis for mortgage loans, taxes, settling estates, divorces, and more. The report is sometimes also used by a buyer and seller to determine a sale price. However, the most common usage of appraisers in the United States is for mortgagevaluations: banks need to know how much your potential home is actually worth on the market before they agree to loan you the money for a mortgage.
In the unfortunate event that you default on your payments and are unable to pay back your debts, your lender needs to know they can sell the property for enough money to cover the amount they loaned you, and they confirm the amount through the work of an appraiser. Because of the importance of accurate appraisals, most appraisers use a standardized form, such as the Uniform Residential Appraisal Report, as a guideline for their valuation.